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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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  • NFT
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    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    Ethereum Collections Lead NFT Sales Today

    Ethereum Collections Lead NFT Sales Today

    how NFTs became a global brand and a Web3 “social currency”

    how NFTs became a global brand and a Web3 “social currency”

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

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    CryptoPunks Floor Price Hits 3-Year High of $208,000

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    NFT sales surge to $574 million in July, second-highest in 2025

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  • Guides
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    What’s the Difference & Which Is Better to Trade?

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    Think Your Cold Wallet Is Safe? Not If You Make These 7 Mistakes

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  • Analysis
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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

  • Coin Marketcaps
  • Home
  • Crypto
    • Bitcoin
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  • Web 3
    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    Enhancing Security in Online Gambling with Blockchain Technology

    Enhancing Security in Online Gambling with Blockchain Technology

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

  • Metaverse
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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    Ethereum Collections Lead NFT Sales Today

    Ethereum Collections Lead NFT Sales Today

    how NFTs became a global brand and a Web3 “social currency”

    how NFTs became a global brand and a Web3 “social currency”

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Labubus have succeeded in every way that NFTs have failed

    Labubus have succeeded in every way that NFTs have failed

    CryptoPunks Floor Price Hits 3-Year High of $208,000

    CryptoPunks Floor Price Hits 3-Year High of $208,000

    NFT sales surge to $574 million in July, second-highest in 2025

    NFT sales surge to $574 million in July, second-highest in 2025

    Crypto Scammer Gets Prison Time for Swiping NFTs, Coins via Hacked X Accounts

    Crypto Scammer Gets Prison Time for Swiping NFTs, Coins via Hacked X Accounts

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    CryptoPunks price surges to $200k, $PUNKS loaner Gondi accused of facilitating chandelier bids

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    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

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    The Biggest Games Releasing in August 2025

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    TaskOn Joins EPHYRA to Elevate AI-Powered Gaming Experience

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    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

    Early Off the Grid Skin Holders Are Cashing In – Will You?

    Early Off the Grid Skin Holders Are Cashing In – Will You?

    This Game Lets You Relive the Ethereum Story Through Vitalik Buterin’s Eyes

    This Game Lets You Relive the Ethereum Story Through Vitalik Buterin’s Eyes

    NFTs at Your Fingertips: Inside Japan’s NFT Vending Machine Trend

    NFTs at Your Fingertips: Inside Japan’s NFT Vending Machine Trend

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    A Pressure Group Forced Steam to Remove Adult Games. It’s Coming After Crypto Next

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  • Blockchain
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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    Polyhedra Network launches Proof Cloud in open beta

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    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

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    SoonVerse Partners with Arris to Enhance User Experience

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  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    ETH Daddy Discusses Ethereum and AI

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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    UAE emirate launches new free zone for digital assets, Web3 and AI

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  • Guides
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    What Is Crypto Staking? How to Earn Crypto by Holding It

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  • Analysis
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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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Home Bitcoin

Bitcoin bulls aim for $72K again, but here’s why it may not be easy

March 16, 2024
in Bitcoin
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Bitcoin bulls aim for $72K again, but here’s why it may not be easy
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  • BTC was up by 2% in the last 24 hours.
  • Metrics suggested that selling sentiment was dominant in the market.

Bitcoin’s [BTC] price witnessed a major correction of late as its value touched the $67k mark. The king of cryptos, however, recovered from that plunge and managed to paint its daily chart green.

Let’s have a look at BTC’s state and how different exchanges and investors behaved during this entire episode. 

Selling pressure on Bitcoin went up

Bitcoin’s price took a major blow on the 15th of March as its value touched $67,200. During that price plummet, major exchanges and investors acted interestingly.

Lookonchain’s latest tweet revealed that a Binance deposit wallet moved 4,637 BTC, which were worth over $329 million to a Binance hot wallet. Coincidentally, the deposit wallet also moved 4,876 BTC, worth $319 million, to Binance Hot Wallet during the BTC drop on the 5th of March.

AMBCrypto reported earlier how BTC’s liquidation increased during the price correction. To be precise, Bitcoin’s liquidation volume surged to over $143.6 million on the 14th of March.

IntoTheBlock’s recent tweet also highlighted that selling pressure on BTC was high. As per the tweet, over $750 million in BTC was withdrawn from exchanges, the highest since May 2023. The majority of these sell-offs originated from Bitfinex and Kraken.

Bitcoin’s path to recovery 

Despite the rise in liquidation, BTC managed to somewhat recover from the horrors as its daily chart turned green. According to CoinMarketCap, Bitcoin was up by more than 2% in the last 24 hours.

See also  Why Bitcoin miners are not selling right now, explained

At the time of writing, BTC was trading at $68,996.20 with a market capitalization of over $1.36 trillion.

Since the king of cryptos was recovering, AMBCrypto planned to have a look at its metrics to see what they had to say. An analysis of CryptoQuant’s data revealed that BTC’s exchange reserve was decreasing, meaning that selling pressure dropped.

However, the rest of the metrics looked bearish. For example, its aSORP was red.

Source: CryptoQuant

This means that more investors are selling at a profit. Its binary CDD also remained red, suggesting that long-term holders’ movements in the last 7 days were higher than average.

If they were moved for the purpose of selling, it may have a negative impact. Additionally, selling sentiment remained dominant both among US and Korean investors as BTC’s Coinbase and Korea premiums were red. 

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

Selling sentiment around Bitcoin is dominant

Source: CryptoQant


Read BTC’s [BTC] Price Prediction 2024-25


The technical indicator MACD supported the sellers as it displayed a bearish crossover. Bitcoin’s Relative Strength Index (RSI) also looked pretty bearish as it went down.

These indicators suggest that the chances of BTC once again falling victim to a price correction are high. 

Source: TradingView

Next: Get ahead of the market: Top altcoins poised for 30X growth!

Tags: 72KAimBitcoinBullsEasyHeres

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

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Bitcoin ‘God Candle’ coming? $220K price prediction could be next for BTC

Bitcoin ‘God Candle’ coming? $220K price prediction could be next for BTC

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